A rendering of the New Essex Street Market on the Lower East Side.

NEW YORK CITY—The New York City Economic Development Corp. has released a Request for Proposals for two restaurant operators for the New Essex Street Market project, which is expected to open in June 2018.

In June 2018, all current Essex Street Market vendors operating at 120 Essex St. will move to its new home across Delancey Street. The current market will continue operations until the new location opens to the public. The new facility will triple the size of current market offerings and will be situated on the first floor (30,000 square feet) and second-floor mezzanine (6,000 square feet) of the 115 Delancey St. building within Essex Crossing, a 1.9-million-square-foot urban renewal development project with residential, commercial, and community space that is currently under construction on the Lower East Side.

In addition to the New Essex Street Market, the 24-story 115 Delancey St. building will house 195 rental apartments (97 market rate and 98 affordable), and a 14-screen Regal Cinemas. The project is being developed by Delancey Street Associates, which is comprised of BFC Partners, L+M Development Partners, and Taconic Investment Partners.

“Essex Street Market has always been both a vibrant hub for the City's food economy and a fantastic amenity for Lower East Siders,” said NYCEDC President and CEO James Patchett. “With the addition of nearly a dozen new vendors and two world-class restaurants, we can't wait to bring an even better shopping and dining experience to market visitors.”

Each restaurant will feature approximately 1,100 square feet of restaurant space and approximately 200 square feet of sub-cellar storage space, including a fridge or walk-in cooler. The restaurants will also feature their own entrance built into the new façade of the market. Restaurant operators may be selected on a rolling basis, but all proposals must be submitted by July 14, 2017, the NYCEDC states.

Outside of the last week's RFP solicitation, the New Essex Street Market is seeking 11 additional market stall vendors. Market stalls will vary in size from approximately 100 to 250 square feet, and some will include pre-installed hoods and sub-cellar storage space.

New York City Mayor Fiorella H. LaGuardia created the current Essex Street Market, along with several other indoor retail markets around the city, in 1940. NYCEDC began to manage the market in 1992, renovating the facilities and helping to catalyze the market's resurgence. Currently, the market features 28 vendors, including produce, meat, fish, cheese, bread, specialty goods, and prepared food vendors.

Located near the intersection of Essex Street and Delancey Street, the nine sites in Essex Crossing will be anchored by 1,000 units of housing, half of which will be permanently affordable for low, moderate, and middle-income households and senior citizens. In addition, the project—to be called Essex Crossing—includes a 15,000-square-foot open space, a new and expanded Essex Street Market, senior housing and community facilities, a rooftop urban farm, 250,000 square feet of office space, and a diverse mix of retail space.

The NYCEDC also reported on Thursday it had awarded the first low-interest loan through the Emerging Developer Loan Fund. The project, 1193 Fulton Avenue Residence LLC, will be a nearly 21,000 square foot, 100% affordable, 25-unit residential building in the Morrisania section of the Bronx. The project is a joint venture between Apex Building Group and Silver Wave Equities, both of whom are MWBEs and have extensive construction experience. The first EDLF loan of $1.02 million has a 12-month term and supported land acquisition and pre-development costs for the developers.

Instant Insights /

NYCEDC Seeks Restaurant Operators at New Essex Street Market

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